Bearish flow noted in Advance Auto Parts (AAP) with 4,083 puts trading, or 1.6x expected. Most active are Mar-25 34 puts and Apr-25 40 puts, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 1.65, while ATM IV is up over 7 points on the day. Earnings are expected on May 28th.
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